The US and EU are being urged to accelerate their energy transition, despite facing significant headwinds. At the Breakthrough Energy summit in London, top policy advisors, including John Podesta and Mario Draghi, emphasized the need for innovation to play a central role in this transition. They were joined by Noel Quinn, chief executive of HSBC, who stressed the importance of speed in the global energy transition.
The discussion highlighted the challenges facing the energy transition, including the economy on the continent stagnating and leaving Europeans poorer, while political leadership is shifting. Draghi noted that the European Union must increase defense spending while also ramping up an expensive energy transition, and that the transition in Europe has already stalled in some ways.
The US and EU’s commitment to reducing their reliance on fossil fuels and accelerating the energy transition is a crucial step towards a more sustainable future. To achieve this goal, they must work together to develop and implement new technologies, policies, and strategies that promote clean energy and energy efficiency. One area of focus is the development of liquefied natural gas (LNG) infrastructure, which can help to reduce greenhouse gas emissions and improve energy security. The US and EU have already made significant progress in this area, with the US increasing its LNG exports to the EU and the EU launching its first joint tenders under the Aggregate EU, a new means of demand aggregation and joint purchasing.
Another key aspect of the energy transition is the need to reduce methane emissions, which are a potent greenhouse gas. The US and EU have committed to reducing methane emissions from the fossil fuel sector, and are working together to develop and implement new technologies and strategies to achieve this goal. This includes the use of innovative purchasing frameworks, such as the EU’s proposed “you collect, we buy” approach, which can help to incentivize the capture of methane and bring it to market.
The energy transition also requires a significant increase in energy efficiency and demand flexibility, which can help to reduce energy consumption and greenhouse gas emissions. The US and EU are working together to develop and implement new policies and technologies that promote energy efficiency, including the use of smart thermostats and demand response mechanisms. They are also exploring ways to incentivize utilities and consumers to implement short- and medium-term energy efficiency solutions, such as through the use of digital solutions and awareness-raising activities.
The US-EU Energy Council is also playing a crucial role in promoting the energy transition, by providing a framework for cooperation and dialogue between the two sides. The Council has helped to facilitate the exchange of information and best practices on energy policy, and has provided a platform for the US and EU to work together on key issues such as energy security, climate change, and energy efficiency.
The EU’s REPowerEU plan is another important initiative that is helping to drive the energy transition forward. The plan aims to reduce the EU’s dependency on fossil fuels, diversify its energy supplies, and increase its energy efficiency. It also includes measures to promote the use of renewable energy, such as solar and wind power, and to develop new energy storage technologies.
The US and EU are also working together to address the issue of energy poverty, which affects many communities around the world. The EU-U.S. Just Transition Workshop on Energy Poverty, which was hosted by the Department of Energy, brought together stakeholders to discuss ways to address energy poverty and promote a just transition to a low-carbon economy.
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India’s envoy to the UN, Ambassador Parvathaneni Harish, has said that India looks forward to closely engaging with US President-elect Donald Trump and his new administration once they take over. Harish noted that India has had a very close cooperation and relationship with the US when President Trump was in his first tenure, and that the relationship with India enjoys bipartisan consensus amongst both parties.
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The US Department of State has also announced updates on visa operations and policies, including changes to the Diversity Visa program and an increase in nonimmigrant visa fees.